Egyptian stocks bourse rose in the first trading session of the week after the government revised GDP upward on Saturday; Gulf markets were mixed and thinly traded as oil dropped to within a few cents of a new six-year low.
Positive economic growth lifted Egypt's stock index by 0.9 percent to 6,837 points in the final hour of trade.
The Planning Ministry revised its target gross domestic product upward to 5.5 percent from 5 percent on Saturday and said the economy grew at 4.2 percent in the 2014/2015 fiscal year, up from 2.2 percent the previous year.
Foreign investors continued to be net sellers of Cairo stocks, according to bourse data, despite attempts by the central bank to ease fears a dollar shortage will worsen.
Global Telecom surged 9.9 percent to 2.11 pounds, up for a fourth session. On Wednesday, the company said a newspaper, which it did not name, had reported rumours that European firm Vimpelcom had offered to buy out Global at a price of 2.30 pounds per share. Vimpelcom already owns about 52 percent of Global.
Allen Sandeep, director of research at brokerage Naeem, reiterated a "buy" rating on Global. He said Vimpelcom might use part of the proceeds from a loan refinancing expected by the end of this year to make for the rest of Global.
The Saudi index dipped 0.1 percent to 7,261 percent as traders awaited the kingdom's annual budget announcement due this month.
"The Saudi market has been trading sideways for sometime as investors await more clarity on macroeconomic policy," said Mohammad al-Shammasi, chief investment officer at Riyadh-based Derayah Financial.
Jabal Omar Development fell 2.8 percent after reporting a 78 percent drop in annual profit that the property company blamed on lower sales and higher costs.
Bahri, the largest Saudi transport company by market value, jumped 4.9 percent.
Kingdom Holding rose 9.6 percent. After market close on Thursday, the company said a French sovereign wealth fund, CDCIC, along with other unidentified French companies, bought a 0.8 percent stake. Chairman and majority shareholder Prince Alwaleed bin Talal's ownership remains unchanged at 95 percent.
Saudi Arabian Fertiliser Company (SAFCO) rose 2.9 percent after the company said its dividend for the second half of 2015 would match the 3 riyals ($0.80) per share it paid in the corresponding period of last year.
The company has been hit by lower oil prices, posting falling profits in the previous four quarters, which forced it to trim its first-half payout earlier this year.
Al Tayyar shed 4.2 percent to 74.00 riyals, well off its intraday high of 81.00 riyals. Last week, the Saudi travel company climbed 21.2 percent in the final three trading sessions in unusually heavy trade after traders cited rumours that a Saudi investment company would buy a stake in the firm.
Emirati bourses closed lower; both Abu Dhabi index and Dubai's index declined 0.9 percent. The former was dragged by Etisalat, the newest Emirati constituent in MSCI's emerging market index, which shed 4.85 percent after surging 10 percent in the previous trading session.
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